Theoretically, yes. I've seen some pretty old masters of the style perform it, and they looked as healthy and flexible as ever. But your best option is still to give it a try and see for yourself.
Any traditional Chinese style is meant to fully respect your health and general physical integrity. Even though some might look like they push your body to its extremes (and they do), they never twist any joint in a un-natural angle, and therefore should be perfectly safe in the long run.
The problem is, you need a truly competent instructor who'll pay attention to this and won't let you damage yourself by doing it wrong (for instance, a good master should always notice and correct you if you extend your knees too far forward when in a "horse" or "bow" stance: it's not only bad form, it's bad for the knee joint)...
So in the end, it mostly comes down to the quality of the school.